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    Setting up a PRSA - best way to fund it?

    • 15-01-2021 04:30PM
      #1
      JackieChang
      Registered Users, Registered Users 2 Posts: 1,494
      ✭✭✭


      I'm thinking of setting up a PRSA with Davy.

      As far as I know, they are the only PRSA that has its own trading platform and you can pick your own shares, correct?

      And what's the best way to fund it? Should I get my employer to take it out of my salary, or fund it myself?

      Are the tax implications the same whichever way I do it?

      Is it more hassle funding it myself?

      They wouldn't answer these questions on the phone as it's "tax advice".


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    Comments

    • #2
      Andrea B.
      Registered Users, Registered Users 2 Posts: 2,010 Andrea B.
      ✭✭✭


      Not answering your question, but are they only ones that you can direct your PRSA to stocks?
      I have 3 seperate PRSA's and looking to get sorted out.
      I would like however to look at options (if poss) of one to be allocated to shares in 1 specific company, until i retire hopefully.


    • #3
      colm_c
      Registered Users, Registered Users 2 Posts: 2,013 colm_c
      ✭✭✭


      Same tax benefit whether you do it yourself or via employer.

      Only difference is the tax credits are 50% credits l, 50% increase to your band, over the tax year.

      Easiest way is via your employer IMO.


    • #4
      colm_c
      Registered Users, Registered Users 2 Posts: 2,013 colm_c
      ✭✭✭


      Andrea B. wrote: »
      Not answering your question, but are they only ones that you can direct your PRSA to stocks?
      I have 3 seperate PRSA's and looking to get sorted out.
      I would like however to look at options (if poss) of one to be allocated to shares in 1 specific company, until i retire hopefully.

      If the company trades on the stock exchange, then yes you can do it with Davy.

      Not sure I would recommend having your entire PRSA allocated to shares in a single stock. High risk IMO.

      Balanced portfolio of stocks and funds is a more typical setup.


    • #5
      Andrea B.
      Registered Users, Registered Users 2 Posts: 2,010 Andrea B.
      ✭✭✭


      colm_c wrote: »
      If the company trades on the stock exchange, then yes you can do it with Davy.

      Not sure I would recommend having your entire PRSA allocated to shares in a single stock. High risk IMO.

      Balanced portfolio of stocks and funds is a more typical setup.

      Thanks.
      I was not clear, it would be 30% of complete portfolio.


    • #6
      Deub
      Registered Users, Registered Users 2 Posts: 1,568 Deub
      ✭✭✭


      Andrea B. wrote: »
      Thanks.
      I was not clear, it would be 30% of complete portfolio.


      IMO it is still a lot. If, for any reason, the company doesn't do well, are you ok to only get 70% of your PRSA?


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